Phemex Update on Wallet Security and Temporary Suspension of Withdrawals

Apia, Samoa, Jan. 23 –  Phemex is currently investigating a report involving one of its hot wallets used for daily operations. As part of the platform’s commitment to user security, withdrawals have been temporarily suspended to allow for a thorough inspection and the enhancement of wallet security measures.

It is important to emphasize that Phemex’s cold wallets remain fully secure and unaffected. Cold wallets, which hold the majority of users’ funds, are transparent and verifiable. Users can independently confirm their status at: https://phemex.com/proof-of-reserves.

The impact is limited and systems remain secure. Trading services continue uninterrupted, and core business operations remain unaffected.

As a leading cryptocurrency exchange, Phemex has consistently demonstrated its commitment to security and transparency. By being the first to publish both proof-of-reserves and proof-of-solvency through a groundbreaking self-proving approach, Phemex has solidified its reputation as one of the most secure and trustworthy platforms in the industry.

The temporary suspension of withdrawals is a precautionary measure to ensure the continued safety of user funds. Withdrawals will be reinstated promptly following the conclusion of the investigation and the implementation of all necessary security enhancements.

To further address any inconvenience caused, Phemex is preparing a compensation plan, which will be announced shortly.

Phemex remains steadfast in its mission to provide a seamless, secure, and trusted trading environment. Additional updates will be shared via official communication channels as the situation evolves.

For further updates and information, please visit: https://phemex.com.

About Phemex

Phemex is a leading cryptocurrency exchange that specializes in spot and derivatives trading. It features 350+ USDT-margined contract trading pairs with up to 100x leverage that all support Hedge Mode, alongside 400+ popular spot trading pairs.

Individuals from all over the world can instantly buy, sell, and trade blockchain cryptocurrency through a user-friendly and secure platform.

Phemex has released transparent Merkle-Tree Proof-of-Reserves so all users can verify on the blockchain that all funds are 100% backed on the platform. As the first exchange to publish both proof-of-reserves and proof-of-solvency through a unique, self-proving approach, Phemex stands out as one of the best and most trustworthy crypto exchanges.